ECB President, Mario Draghi, gave his first official speech outside the Eurozone’s central bank and asked EU policymakers “where is the implementation” of past decisions to beef up the EFSF. The ECB is in a difficult position and has to strike the right balance of not being the Bundesbank of the past or perceived by the Germans as the Banco Central de la República Argentina of the 1980’s.

The other Super Mario got his mandate from the Italian parliament. Spreads on Italian, Spanish, and French sovereign bonds came in (tightened) big today. Have a great weekend!

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